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The Grade II*-listed building’s new owners – Malaysian consortium of SP Setia, Sime Darby and EPF – today announced plans to proceed with the major regeneration’s consented masterplan and start the first phase within a year.

Designed by Ian Simpson and dRMM, the 800-apartment phase one scheme next to Giles Gilbert Scott’s defunct brick masterpiece will be submitted for planning at the end of this month.

If approved, the developer expects the 102,200m² proposal to start on site in September 2013 and complete three years later.

The full 3,500-apartment Rafael Vinoly-designed masterplan for the south west London Thames-side site is expected to take a minimum of ten years.

A public park, visitor centre, and extended river walk is however planned to open in April, allowing the public close up views of the iconic structure for the first time in almost 30 years.

Rob Tincknell – managing director of the site’s previous developer Treasury Holdings – has been appointed chief executive of a new project vehicle named the Battersea Power Station Development Company.

The decision to retain the existing architects has scotched speculation a radical new approach to restoring the building could emerge following the site’s sale to new owners after going into administration at the start of the year.

Prior to Malaysian sale – which formally completed yesterday –proposals for the decommissioned coal fired power station included plans by Terry Farrell and Partners to demolish all but the iconic chimneys and an incremental restoration scheme by SAVE and Allies and Morrison.

A KPF and Rafael Vinoly-designed bid to transform the decaying structure into a 60,000 seat stadium for Chelsea Football Club fell by the wayside in June.

Tincknell confirmed Vinoly he would be continuing as masterplanner. Asked whether Vinoly’s work on the rival Chelsea bid was an issue, Tincknell said he was ‘not bothered about that at all’.

It is hoped a variety of architects of architects will deliver the project’s later phases, according to the chief executive.

In a statement, Tincknell said: ‘The completion of the sale of Battersea Power Station is a significant step in the successful redevelopment of the site and wider area and means that work can now begin on the creation of a new town centre for London.

‘The unique UK-Malaysian partnership brings with it the financial strength, expertise and commitment necessary to deliver what is one of the capital’s most important and iconic development projects. With the firm backing of the Mayor of London, the London Borough of Wandsworth, central government, English Heritage and the Design Council CABE I am confident that the next few years will bring many more opportunities to celebrate.’

Ravi Govindia, leader of Wandsworth Council said: ‘Today’s announcement is a significant step forward in the transformation of Nine Elms on the South Bank.

‘The district-wide regeneration programme will be one of the greatest sources of new jobs and homes in the country over the next few years. The redevelopment of the power station site has an important role to play and is key to funding the Northern Line Extension. This is the most exciting development in London and will deliver a massive boost to economic growth.’

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Vinoly, dRMM and Simpson to deliver £8bn Battersea Power Station overhaul

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